Friday, April 29, 2011

Sale of luxury residential tower in Manhattan closed by HFF


NEW YORK, NY –HFF announced  that it has closed the sale of The Elektra (top left photo), a 32-story, 166-unit luxury multi-housing tower in Manhattan’s Gramercy neighborhood.

HFF marketed the property on behalf of the seller, JP Morgan Investment Management, Inc.  Invesco Real Estate purchased The Elektra for an undisclosed amount and assumed existing financing on the property. 

The Elektra is located at 290 Third Avenue between East 22nd and 23rd Streets within blocks of Midtown Manhattan and close to numerous mass transit lines as well as Park Avenue South, Madison Square Park, Gramercy Park and Union Square. 
Originally completed in 1992, the 95 percent occupied property was fully redeveloped in 2008 and includes studio, one- and two-bedroom units averaging 701 square feet each.  Building amenities include a 24-hour attended lobby, rooftop sky deck, health club and laundry facilities.  The property also includes 5,341 square feet of ground level retail that is fully leased. 

The HFF team representing the seller included senior managing directors Andrew Scandalios (lower right photo) and Jose Cruz, and directors Jeff Julien and Kevin O’Hearn.

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425                                                                                
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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